R E C O R D O FP R O C E

R E C O R D O FP R O C E E D I N G SCORDILLERA VALLEY CLUB PROPERTY OWNERS ASSOCIATIONOctober 8, 2010 Meeting Minutesmembers on the CCAC, with the exception of Ed O’Brien, who steppeddown for personal reasons.The CTC has requested a funding commitment in the form of a line ofcredit of up to $1 million for expenses. CVC would be responsible for upto $130,000 or 13% of the funding. CPOA would have ultimate control ofthe funding. Debbie Shields informed that Board she was against thefunding commitment and felt the idea was being rammed down theresident’s throats.Mr. Greenfeder explained the benefit of protecting the golf course topreserve property values. By pledging $1 million a message will be sentto the Wilhelm Family Partnership that the CTC is prepared to negotiate.It was noted one-third of the Club members are non-property owners.Ms. Baker questioned how invoices would be approved? The Boardindicated the process has not been determined. Mr. Judge suggested preapprovinginvoices prior to contributing funds and replacing the seatvacated by Ed O’Brien with another CVC representative. The CCACcommittee is responsible for selecting a replacement. Ms. Baker agreedthat the replacement Board member should be a CVC representative andpossibly not a Club member. If the CMD bond questions receive voterapproval on November 2, 2010, CMD would have the ability to purchaseall the golf courses and could own the entire interest in the Valley ClubCourse. The Board agreed that if CVC is participating in funding the CTCthen CVC should have a seat on the CTC Board. CVC Members will alsohave the ability to serve on sub-committees to have participation in theprocess.The CTC is looking at the Club dues issue. Mr. Carey explained theCCAC met with the Wilhelm’s but did not have the ability to negotiate theissue whereas the CTC will have the ability to negotiate and look at otheroptions. The Board agreed that supporting the CTC would not be issuinga blank check and that spending controls will be implemented. By motionduly made and seconded it was unanimouslyRESOLVED to approve participation in the formation of theCordillera Transit Corporation which will look at funding andownership options for the Club at Cordillera.Page 2